NuStar Energy

NuStar selling St Eustatius terminal for $250 million

May 15, 2019
NuStar Energy LP recently announced its plan to sell its St Eustatius Terminal.

NuStar Energy LP recently announced its plan to sell its St Eustatius Terminal.

“We are pleased to announce that we have signed a definitive stock purchase agreement to sell our storage terminal facility located at St Eustatius in the Caribbean to Prostar Capital for approximately $250 million, subject to adjustment,” said Brad Barron, president and chief executive officer of NuStar Energy LP.

“It has become increasingly clear in recent months that the facility requires a new business model to ensure its long-term success and that NuStar’s best path forward is to sell the terminal to a buyer that is well-positioned to take advantage of the changing global crude oil trade flow patterns.”

“We are pleased that this sale allows us to re-deploy the sales proceeds to improve our financial metrics and fund our growth projects for our core business in North America. And we are very gratified to hand over the reins to purchasers with a business model that ensures a bright future for the facility and our employees there.

“We expect to close this transaction by the end of the second quarter, and we look forward to focusing all of our resources on strengthening our financial metrics to generate stable, consistent growth for our unit holders.”

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